Rising Demand for Convenient and Healthy Snack Options Drives Growth in the Global Bakery Products Market
SkyQuest projects that the bakery products market will attain a value of USD 76406.73 billion by 2030, with a CAGR of 9.6% over the forecast period (2023-2030). The global demand for bakery products is rising to the growing preference for convenience foods, changing lifestyles and the rising expatriate population. The market offers a wide range of bakery products and innovation in this industry continues to drive growth.
Westford, USA, June 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, manufacturers are developing bakery products that cater to the specific needs of different segments of consumers such as biscuits with natural ingredients like grain, low-calorie sweeteners and whole wheat, to meet the changing demands and lifestyles of consumers. As a result, these products are gaining popularity, especially among diabetic consumers seeking healthier options.
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Browse in-depth TOC on “Bakery Products Market”
- Pages – 242
- Tables – 65
- Figures – 75
Bakery products have been a principal diet for people worldwide for centuries. Their popularity can be attributed to convenience, accessibility and nutritional value. Increasing demand for healthy and convenient snack options is expected to drive the growth of the bakery products market during the forecast period.
Prominent Players in Bakery Products Market
- Grupo Bimbo
- Yamazaki Baking Co. Ltd.
- Finsbury Food Group Plc
- Britannia Industries Limited
- Flowers Foods Inc.
- Hostess Brands LLC
- McKee Foods Corporation
- Mondelez International Inc.
- Nestlé S.A.
- PepsiCo Inc.
- General Mills Inc.
- Kellogg Company
- JAB Holding Company
- Conagra Brands Inc.
- Dawn Foods Products Inc.
- Rich Products Corporation
- The Hershey Company
- Campbell Soup Company
- Tyson Foods Inc.
- Maple Leaf Foods Inc.
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Biscuits and Cookies Segment is Expected to Grow the Market Due to the Increasing Consumer Preferences
The biscuits and cookies segment are poised for significant growth, with a projected high compound annual growth rate (CAGR) owing to the increasing consumer preferences in developed and developing countries. Manufacturers are responding to this trend by introducing healthier options, such as cookies containing oat and whole-grain ingredients, to meet the growing demand for healthier snacking options. For example, the U.S.’s Famous 4th Street Cookie Company launched two new oatmeal cookies, Orange Cranberry and Sunrise Granola in 2021.
North America for bakery products is primarily driven by the United States, with high consumption of cakes, pastries and breads. The US market has witnessed significant growth due to increased demand for convenient and healthy snack options and changing consumer lifestyles. However, Mexico is emerging as the fastest-growing country in the bakery products market, owing to the increasing demand for baked goods and traditional bread.
Bread Segment is Expected to Dominate the Market Due to High Nutritional Value
The popularity of the bread segment is mainly owing to its widespread consumption among people of all ages. This is primarily due to its convenience and affordability in western diets. Additionally, the availability of different types of bread, such as gluten-free, whole-grain and high-fibre products has increased its appeal among health-conscious consumers. These new bread products provide a healthier alternative to traditional bread and are likely to increase its consumption among individuals who prioritize a healthy diet.
Regional market in Asia Pacific is expected to experience significant growth in the coming years, driven by the increasing adoption of Western diets in countries such as China, India, and other Southeast Asian nations. The rising number of women entering the workforce in the region and the growing disposable income are also factors contributing to market growth.
A comprehensive analysis of the major players in the bakery products market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Bakery Products Market
- Walker’s Shortbread, a renowned Scottish bakery has collaborated with retailer Dufry to launch a new range of products in over 55 travel sites worldwide in 2022. The global travel retailer range will include a variety of shortbreads and other products, allowing travelers to enjoy the brand’s iconic treats.
- Finsbury Food Group, a leading UK bakery expanded its Mary Berry supermarket cake range in 2021 with the launch of Bundt cakes. The new cakes come in two flavours: lemon sponge cake with lemon icing and curd drizzle, adorned with hand-decorated Belgian white chocolate curls, and chocolate sponge cake featuring chocolate icing and hand-decorated Belgian dark and white chocolate. These product launches highlight the bakery industry’s ongoing innovation and commitment to meet evolving consumer demands and preferences at home.
Key Questions Answered in Bakery Products Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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